Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.
Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%.
Below are the results of a Digital Risk survey of Millennials who recently purchased a home.
As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!
Myth #2: “I need a 780 FICO Score or Higher to Buy”
The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.
Many Americans believe a ‘good’ credit score is 780 or higher.
To help debunk this myth, let’s take a look atEllie Mae’slatestOrigination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.7% of approved mortgages had a credit score of 600-749.
Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.
Author:William Dodge Phone: 602-980-3638 Dated: January 30th 2017 Views: 450 About William: ...
Solutions Real Estate has the Solution to all of your Arizona Real Estate needs. Veteran owned company based in Gilbert, Arizona with several offices throughout the Phoenix Metropolitan area. Currently expanding in southern California in the San Diego market.
I just wanted to reach out to say thank you for everything you helped us with during the process of purchasing our new house at 2203 E. Crest Ln. This isn't our first rodeo together but I'm always impressed with how helpful you are at every step and that you keep us up to date on exactly what is going on and what to expect next, whether it's with the lender, title company, seller agent, etc.I always know what is going on and it's because of you!
At every point in the process, I felt comfortable not only that you were available to answer my questions but confident that you would go to bat for me if I had any concerns about any part of the process.
As always, I will mention your name to anyone who is thinking about buying or selling and would provide my highest recommendation to anyone who is in the market.
Thank you again and next time we're looking to buy or sell, you'll hear from us. Thanks!